Published 8:00 pm, Monday, April 21, 2003

Lockheed reported earnings of $250 million in the three months ending March 31, or 55 cents per share. That compares to $218 million, or 49 cents per share, in earnings reported for the first quarter of 2002. Excluding a loss from the company's sale of its telecommunications unit, 2002 first-quarter earnings were 50 cents per share.

The earnings beat the consensus estimate of 42 cents per share by analysts surveyed by Thomson First Call.

Sales for the quarter were $7.06 billion, up 18 percent from the $5.97 billion reported for the same quarter last year.

The biggest increase was in Lockheed's aeronautics division, which makes the F/A-22 and F-35 Joint Strike Fighter. Those two programs were largely responsible for a 51 percent increase in aircraft sales, which grew from $1.33 billion to $2.01 billion.

For the year, Lockheed said it expects to earn between $2.20 and $2.30 per share in 2003, up from its earlier guidance of $2.15 to $2.20. The company also said it expects sales to be 8 percent to 12 percent higher than in 2002.

Shares in Lockheed Martin were up more than 5 percent in morning trading, rising $2.65 to $47.90 each.